The Financial Life Risk Spectrum
Generally speaking, consumers begin or only seek financial services when there are pressing needs that arise. This, in turn, makes the view of long-term financial life difficult. Changing the course of time in which one reaches out to receive financial assistance could have potential risks and benefits.
Most consumers typically build their assets around age 45-65. The risk in this phase is that an individual could die prematurely. Life insurance will protect the consumer’s family should this happen.
As a consumer ages into retirement (ages 65-85), the risk becomes an expensive medical situation. This could exhaust retirement savings and burden family members. Here Chronic Illness Protection can help defray the risk.
Let’s say our consumer didn’t die early or face a difficult medical situation. Now they are at risk of outliving their money. Most people don’t want to have to return to work, and at this age (85-100) may not be physically able to. Longevity protection solutions can secure a guaranteed source of income that cannot be outlived.
